Crypto Industry Urges Swift Legislation Before 2026 Election

Marta Belcher, president of the Blockchain Association and the Filecoin Foundation, has warned that the window for passing meaningful cryptocurrency legislation in the United States is rapidly closing. She emphasized that missing this opportunity could have long-term consequences for the industry. Belcher urged lawmakers and industry leaders to act swiftly before the 2026 election cycle, which could disrupt the current momentum.

Belcher stressed the urgency of passing legislation to clarify key elements within the industry before the start of the next year. She highlighted the potential risks of waiting until after the midterm elections, noting that the political landscape could shift unfavorably towards cryptocurrency. Belcher cited the previous administration's hostile environment, where the Securities and Exchange Commission under Gary Gensler and the Biden administration brought lawsuits against nearly every major token, as a cautionary tale. This environment led many industry participants to move their operations abroad, making it difficult for new cryptocurrency projects to start in the US.

Currently, both stablecoin and broader market structure legislation are progressing in Congress, with a potential vote on stablecoins expected soon. However, Belcher warned against relying on post-summer movement, as Congress's priorities could change. She emphasized the need to pass the legislation this year to establish a clear path for compliance, which many crypto projects desperately need. Belcher noted that industry participants are willing to comply with regulations but need clear guidelines on what is required.

Belcher also highlighted the need for industry-wide compromise, stating that the legislation is existential for the industry. While it may not be perfect, she urged all stakeholders to come together and do what is necessary to get the legislation passed. This compromise is crucial for the industry's survival and growth in the US.